The historic Heard Building in downtown Phoenix, known for its iconic Mexican grizzly bear mural, has been acquired by West USA Realty at an auction price of $5.5 million. The 77,000-square-foot building was originally built in 1919 and is located at the heart of downtown on 112 N. Central Ave.
According to a report from the Phoenix Business Journal, Expansive was the previous owner of the building before it was sold to West USA Realty. In 2019, Expansive had purchased the property for $11.4 million but later faced financial difficulties with an unpaid principal balance of nearly $10.9 million on their loan.
Earlier this year, SMS Financial VW LLC filed a notice of trustee sale for the property due to these financial issues.
West USA Realty plans to continue using the building as an office space and will be investing in modern renovations to increase occupancy rates. The company is owned by the Chavez family and has a successful track record with commercial properties across Valley area cities such as single-family homes, multifamily units and land developments worth over $140 million combined.
This recent acquisition adds another valuable asset to their portfolio which includes various types of real estate investments.
